Economic Withdrawal To Cold Storage

tieck · February 23, 2021, 7:59pm

In the current year it seems to be rather difficult to accomplish an economic withdrawal to cold storage from the Bisq hot wallet, because it is difficult to estimate the lowest fee possible to do that in an environment of a constantly increasing mempool.

Except any hacky stuff (reimporting the seed to another wallet etc.) Bisq is missing somewhat the cost-effective means to nudge or neutralize a stuck transaction.

It is certainly possible to do CPFP but that is the opposite of economic because it increases the space used in the blockchain and fees paid in the end effect.

As far as I understand the current framework used for the wallet part Bitcoinj does currently not support RBF, but what about a functionality to delete aka to let Bisq forget about a never confirmed transaction after a certain time e.g. two weeks so that a new transaction with a higher fee could be created at its place.

Unfortunately the nuclear option for problem solving in Bisq (aka Resyncing SPV file) does not help in this concern, because doing the resync would just republish the unconfirmed transaction; the opposite what is wanted here.

Any further ideas in this concern?

MnM · February 24, 2021, 10:31am

Your funds would still be hot, as this private keys have already been in contact with the net.

SPV resync would look for your public keys and update your wallet, it would not republish the unconfirmed transaction.

The ideal would be to use RBF, but Bisq wallet doesn’t support it, even for withdrawals. The only thing that has changed since a couple months ago is that it’s more expensive to send a BTC transaction, but the prices designed as “low priority” at mempool.space or other explorers will get your transactions included without needing to wait until nodes forget about the transaction.